Efficiency of the Eastern Caribbean Securities Exchange
Bibliographic record
Abstract
This study examines the weak-form efficiency of the Eastern Caribbean Securities Exchange, which opened on October 19, 2001, by conducting tests for the day-of-the-week effect on the individual stocks listed on the Eastern Caribbean Securities Exchange. Weak-form efficiency means that current security prices reflect all past public information including past prices, rates of return, and trading volume data. Given the enormous amounts being invested in emerging markets, those countries that can maintain efficient markets may attract billions of dollars of capital to the businesses in their countries. This paper is the first to test firms listed on the Eastern Caribbean Securities Exchange for weak-form efficiency. The results of evaluating Monday returns, Friday returns and other day of the week returns are consistent with weak-form efficiency, while the results of runs tests find some evidence of weak-form inefficiency in the securities trading on the Eastern Caribbean Securities Exchange.
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How this classification was reachedexpand
Full frame machine prediction
Teacher imitationNot calibrated prevalence, not ground truth. Human validation pending. The Gemma side is a direct model label for every work in the frame, read from the title-only record. The Codex side is a classifier learned from the 10,348 direct Codex labels and calibrated to design-weighted sample rates; fields without enough sample support carry no Codex call. Candidate is the union of the two sides; consensus is their intersection. These outputs are machine_predicted_unvalidated and are not human labels.
Distilled classifier scores by category (both heads)
| Category | Codex | Gemma |
|---|---|---|
| Metaresearch | 0.006 | 0.056 |
| Meta-epidemiology (narrow) | 0.000 | 0.000 |
| Meta-epidemiology (broad) | 0.001 | 0.000 |
| Bibliometrics | 0.003 | 0.002 |
| Science and technology studies | 0.001 | 0.001 |
| Scholarly communication | 0.006 | 0.003 |
| Open science | 0.001 | 0.002 |
| Research integrity | 0.001 | 0.001 |
| Insufficient payload (model declined to judge) | 0.008 | 0.001 |
Machine scores (provisional)
The two teacher heads of the student model, read on this work. A score orders the frame for review; it never asserts a category, and the validation status ships verbatim with every row.
Baseline scores from an immature model (maturity gate not passed, 7 training rounds). Scores rank; they never assert a category.
score_only:v0-immature-baseline · verbatim from the scoring run: score_only means the number may rank works, and no category label ships from itClassification
machine, unvalidatedMachine predicted; a candidate call from one source (direct Gemma or distilled Codex), not a consensus.
How this classification was reached, model by model and score by score, is at the end of the page under "How this classification was reached".